On January 15, Senate Finance Committee Chair Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) announced the formation of five bipartisan working groups of the committee, tasked with examining particular aspects of the tax code and producing a report of options by the end of May to inform the committee’s work on comprehensive tax reform.
The five working groups with their co-chairs are:
- Individual income taxes - Senators Charles Grassley (R-IA), Mike Enzi (R-WY), and Debbie Stabenow (D-MI)
- Business taxes - Senators John Thune (R-SD) and Ben Cardin (D-MD)
- Savings and investment - Senators Mike Crapo (R-ID) and Sherrod Brown (D-OH)
- International taxes - Senators Dean Heller (R-NV) and Michael Bennet (D-CO)
- Community development and infrastructure - Senators Rob Portman (R-OH) and Charles Schumer (D-NY)
Senator Hatch said in a statement, “With the launch of these working groups, members will have an opportunity to thoroughly examine the code and put forward smart ideas that will help lay the ground work for bipartisan tax overhaul that will provide bigger paychecks, better jobs, and more opportunity for all Americans.” Senator Wyden said “A lot of hard work has been done in recent years on tax reform creating a strong foundation to build upon. We now have a window of opportunity to make a run at modernizing our tax code and it’s time to come together and deliver.”
The Senate Finance Committee plan is similar to a process in the House in the last Congress led by former House Ways and Means Committee Chair Dave Camp (R-MI) and Ranking Member Sander Levin (D-M) (see Memo, 2/15/2013).
The United for Homes Campaign will seek opportunities to submit our mortgage interest deduction (MID) reform proposal to the working group on individual income taxes.
The Senate Committee on Finance press release is at http://www.finance.senate.gov/newsroom/chairman/release/?id=2ea8c8e5-c892-4230-9d1a-db7522a920be
To read the United for Homes MID reform proposal, go to http://nlihc.org/unitedforhomes/campaign.